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GOP bill to permanently lower corporate tax rate to 20%: Sources

House Republicans are expected to unveil a tax reform plan Thursday that would permanently lower the corporate tax rate to 20 percent, sources told CNBC.

The bill is also expected to raise the child tax credit to $1,600 from its current maximum of $1,000. It's also expected to preserve popular retirement savings plans like 401(k)s and Individual Retirement Accounts.

Under current law, taxpayers can put a specified amount in 401(k) retirement savings plans without paying taxes upfront. The amount workers can contribute to a 401(k) rises to $18,500 next year, up from $18,000 in 2017. People age 50 and older can tack on a so-called catch-up contribution of $6,000.

The GOP bill, slated to be released later Thursday, would also allow taxpayers to write off up to $10,000 in state and local property taxes.

Lawmakers are also expected to move forward in repealing the alternative minimum tax, an extra tax that some have to pay on top of their regular income tax.

The Republican tax plan seeks to immediately double the estate tax exemption and repeal the tax in six years. The estate tax, also known as the death tax, is currently a 40 percent levy on estates greater than $5.49 million for individual filers or about $11 million for married couples.

Overhauling the tax code has been a major focus for both the White House and congressional Republicans after failing to repeal Obamacare.

Passing that version of the budget kicked off the reconciliation process, allowing the Senate to pass legislation with a simple majority. Typically, a 60 vote supermajority is needed to end debate and move a bill to avote.